Purchasing first home can be very daunting experience if you are not surrounded by people who knows all the ins and outs of the end to end home buying process. There are so many financial & real estate jargons you may not be familiar with. At Sage we will guide you step by step throughout the process from loan pre-approval to settlement of your newly purchased home.
Our approach is we do all the leg work for you and provide you the expert advice backed by all the wealth of knowledge and information. You just ask any questions you have, make informed decision & enjoy the home buying journey.
Every lender & bank has their own borrowing capacity calculator. Which will take account of your income, living expenses, credit card limits & all other financial commitments to calculate how much maximum they can lend you. As every lender has their own lending criteria & credit policy maximum money you can borrow can be different among the banks. Or even in some cases 'Bank A' would be happy to lend you $500K but 'Bank B' would not be interested to lend you money at all. As we have access to over 25 banks & lenders we can assess your situation and provide you all the details; how many lenders interested to lend you & how much you can borrow from each one of them, in 15 minutes using our state of art technology system.
Generally speaking, regular income, good credit history & enough saving for 3% deposit of purchase price plus costs e.g. stamp duty, lenders mortgage insurance, legal fees etc. is the key requirement to get a home loan approved. However, its best to consult with professional rather than making your own assumptions. At sage we can help you on all aspects of home loan with no service charge payable.
Maximum loan you can borrow is 97% of property value. So you will need 3% of purchase price plus costs. e.g. Stamp Duty, Lenders Mortgage Insurance, Bank Fees, Legal Fees etc. Allow us 5 minutes over the phone & we will be happy to calculate those costs for you & tell you how much money exactly you need to buy a home.
If you are borrowing only 80% of the property value then there will be no lenders mortgage insurance involved. However, if you have to borrow more than 80% of property value than higher the loan ration higher mortgage insurance premium. We will estimate this insurance premium before submitting the loan application and structure the loan in your best interest to minimize the premium as much as possible.
Every bank has their own niches, risk measurement techniques & credit policy in terms of lending money. So in most of the cases there was nothing wrong with you but that particular bank was not just right for you. You don't need to panic just yet because we may be able to find the right lender for you from our panel of over 25 banks & lenders. Contact sage to discuss your situation.
Use this calculator to estimate how much you may be able to borrow. Enter some information about your financial situation & the loan details.Borrowing Power Calculator
Use our loan repayment calculator to estimate monthly, fortnightly & weekly repayment on your new home loan.Monthly Repayment Calculator
A one-off grant is payable to first home buyers who satisfy all the eligible criteria.